Mini Unit 3 Quiz Review Corrected.

This is the fundamental law of economics that asserts once the price of a good increases, so too does its production.

• Marginal Utility Principle
• Law of Supply
• Price Elasticity Theory
• Law of Demand

This is the fundamental law of economics that asserts once the price of a good increases, its consumption decreases.

• Law of Supply
• Market Equilibrium
• Law of Demand
• Price Elasticity

In an economy, this is the amount of a good or service purchased or desired for purchase by consumers.

• demand
• cost
• price
• supply

In an economy, this is the amount of a good or service provided by producers.

• price
• demand
• supply
• cost

This book articulated and codified the foundational beliefs of modern free-market economics.

• The Wealth of Nations by Adam Smith
• Capitalism, Socialism and Democracy by Joseph Schumpeter
• The General Theory of Employment, Interest, and Money by John Maynard Keynes
• Das Kapital by Karl Marx

This is the concept that profit-driven individuals will provide for society’s needs.

• Supply and Demand
• Consumer Sovereignty
• The Invisible Hand
• The Market Force

This is the practice of eliminating tariffs in order to maximize regional and interregional commercial trade.

• Protectionism
• Free trade
• Import quotas
• Tariff barriers

This fundamental principle of free market economics ensures that a variety of suppliers will result in equilibrium price and high(er) production quality.

• Competition
• Supply Chain Management
• Price Fixing
• Monopoly

This is the study of economics concerned with the single factors and decisions of individuals.

• Microeconomics
• International Economics
• Behavioral Economics
• Macroeconomics

This is an internal or external drive that motivates or encourages one to do something.

• Inspiration
• Procrastination
• Incentive

• Distraction